By Susanna Moon
Chicago, Nov. 1 – Bank of America Corp. priced $6 million of step-up callable notes due Oct. 28, 2028, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be 2.5% for the first five years, stepping up to 3% for years six to eight, to 4% for years nine to 10, to 5% for year 11 and to 6% for year 12. Interest is payable semiannually.
The payout at maturity will be par.
The notes will be callable at par on any interest payment date after one year.
BofA Merrill Lynch is the underwriter.
| Issuer: | Bank of America Corp.
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| Issue: | Step-up callable notes
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| Amount: | $6 million
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| Maturity: | Oct. 28, 2028
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| Coupon: | 2.5% for first five years, stepping up to 3% for years six to eight, to 4% for years nine to 10, to 5% for year 11 and to 6% for year 12; payable semiannually
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| Price: | Par
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| Payout at maturity: | Par
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| Call option: | At par on any interest payment date beginning Oct. 28, 2017
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| Pricing date: | Oct. 26
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| Settlement date: | Oct. 28
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| Underwriter: | BofA Merrill Lynch
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| Fees: | 1.5%
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| Cusip: | 06048WTS9
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